Idaho Property and Casualty Insurance Exam

Idaho Property and Casualty Insurance Exam Questions and Answers Updated Latest (Verified Answers) 1.Each of the following is listed under the Idaho statute defining "transacting insurance" EXCEPT ANS premium trust accounting.

2.The Director of Insurance has the power to regulate Insurance transactions under ANS Title 41 of Idaho statutes.

3.It is illegal for an insurance company to advertise ANS that it is a member of the Guaranty Fund.

4.Client funds received by the Producer may be kept in the following accounts EXCEPT ANS Office checking account. 1 / 3

5.Which of the following must have an appointment?ANS A Producer who repre- sents an insurance company as an agent.

6.Funds in the account payable to the Insurer must be disbursed within ANS 21 days 7.A temporary producer license is effective for ANS 180 days.

8.An Idaho producer wants to borrow money from a client. This is lawful ANS If the Producer has a written loan agreement signed by both parties.

9.Exaggerating policy terms is ANS Misrepresentation 10.The Settlement Provider must pay settlement proceeds to an escrow account within days of receiving the executed change of ownership documents. 2 / 3

ANS 3 11.Tim has used his cash assets to purchase an annuity. His creditors want to seize the annuity payments. His creditors will ANS Be able to seize annuity payments in excess of $1,250 per month.

12.A credit life insurer may be considered to have excessive premiums unless the loss ratio is at least ANS 50% of the premiums collected.

13.Which of the following is FALSE regarding advertisements for life settle- ments?ANS They cannot use paid testimonials.

14.A person with both licenses in Life, Health, Property, and Casualty must complete how many hours of Continuing Education in a biennial 2 year peri- od?ANS 24 hours 15.The Director may fine anyone transacting insurance without a license